Millennium Management LLC Decreases Stake in ProFrac Holding Corp. (NASDAQ:ACDC)

Millennium Management LLC lowered its position in ProFrac Holding Corp. (NASDAQ:ACDC - Free Report) by 72.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 96,898 shares of the company's stock after selling 254,199 shares during the quarter. Millennium Management LLC owned about 0.06% of ProFrac worth $752,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. AlphaQuest LLC purchased a new position in shares of ProFrac during the 4th quarter worth $66,000. HighTower Advisors LLC acquired a new position in ProFrac in the fourth quarter valued at about $85,000. Private Advisor Group LLC purchased a new position in ProFrac during the fourth quarter worth about $112,000. SG Americas Securities LLC acquired a new stake in shares of ProFrac during the fourth quarter valued at about $115,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of ProFrac during the fourth quarter valued at about $130,000. 12.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ProFrac

In related news, Chairman Matthew Wilks bought 20,221 shares of the stock in a transaction dated Friday, May 9th. The stock was acquired at an average price of $4.32 per share, for a total transaction of $87,354.72. Following the acquisition, the chairman now owns 308,977 shares in the company, valued at approximately $1,334,780.64. This represents a 7.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Holdings Lp Thrc acquired 207,163 shares of the company's stock in a transaction on Friday, May 16th. The shares were purchased at an average cost of $6.25 per share, for a total transaction of $1,294,768.75. Following the acquisition, the insider now owns 79,855,858 shares of the company's stock, valued at approximately $499,099,112.50. The trade was a 0.26% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 733,996 shares of company stock valued at $4,356,960 over the last three months. 2.84% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on ACDC shares. Wall Street Zen upgraded shares of ProFrac from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Stifel Nicolaus decreased their price target on ProFrac from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Tuesday, April 15th. Finally, Morgan Stanley lowered their price target on ProFrac from $7.00 to $5.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $6.90.

ProFrac Stock Up 8.5%

ACDC traded up $0.74 during trading hours on Tuesday, hitting $9.47. 1,103,173 shares of the company's stock were exchanged, compared to its average volume of 709,956. The firm has a market cap of $1.52 billion, a P/E ratio of -6.72 and a beta of 1.75. The firm has a 50 day moving average of $5.76 and a 200 day moving average of $7.06. ProFrac Holding Corp. has a 12-month low of $3.83 and a 12-month high of $9.49. The company has a current ratio of 0.95, a quick ratio of 0.62 and a debt-to-equity ratio of 0.86.

ProFrac (NASDAQ:ACDC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.31) by $0.20. ProFrac had a negative return on equity of 3.54% and a negative net margin of 9.51%. Analysts predict that ProFrac Holding Corp. will post -0.5 EPS for the current fiscal year.

About ProFrac

ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.